Discussing DSGE

Steve Keen
ProfSteveKeen, 2013
Level: advanced
Perspective: Complexity Economics
Topic: Reflection of Economics
Format: Lecture / Presentation
Duration: 00:13:25
Link: https://www.youtube.com/watch?v=l1VS6u1V_Jo

Steve Keen discusses DSGE modeling and microfoundations by asking the question if it is ideologically possible to derive macroeconomics from microeconomics. Using the example of the Sonnenschein–Mantel–Debreu theorem, Keen argues that on each level there are new complexities which can't be entirely derived from the level below. Hence, according to Keen, economics mustn't be about equilibrium but about permanent desequilibrium in order to account for economic complexity and dynamics.

Go to: Discussing DSGE

Tags: aggregation | behavior | complexity | demand | DSGE (dynamic stochastic general equilibrium) model | dynamics | equilibrium | methodology | microfoundation | modelling | Sonnenschein-Mantel-Debreu
Climate Economics and the DICE Model
2018
Level: beginner
Climate Economics and the DICE Model
This text summarizes the content of the 2018 Nobel Prize winner W. Nordhaus. It is extended by some critical perspectives on this topic. The short dossier gives an overview of the most important texts we have read in the climate economics reading group.
William D. Nordhaus and Paul Romer
Exploring Economics
Economic History
2019
Level: beginner
Economic History
In this tenth lecture in INET’s “How and How Not to Do Economics,” Robert Skidelsky argues that there are two main reasons why economists should study history.
Robert Skidelsky
INET
Spekulationsblasen einfach erklärt
2013
Level: beginner
Spekulationsblasen einfach erklärt
Was sind Spekulationsblasen? Mit Beispielen von Tulpen bis Immobilien wird die Entstehung von Spekulationsblasen und deren Platzen einführend erklärt.
 
explainity
The Unexpected Reckoning: Coronavirus and Capitalism
2020
Level: beginner
The Unexpected Reckoning: Coronavirus and Capitalism
It is perhaps fitting that the seriousness of the coronavirus threat hit most of the Western world around the Ides of March, the traditional day of reckoning of outstanding debts in Ancient Rome. After all, problems and imbalances have accumulated in the Western capitalist system over four decades, ostensibly since it took the neoliberal road out of the 1970s crisis and kept going along it, heedless of the crises and problems it led to.
Radhika Desai
Canadian Dimesion

Donate

This project is brought to you by the Network for Pluralist Economics (Netzwerk Plurale Ökonomik e.V.).  It is committed to diversity and independence and is dependent on donations from people like you. Regular or one-off donations would be greatly appreciated.

 

Donate